One of the reasons for the market's run-up cited by investors – most notably, BlackRock's Larry Fink and Pimco's Bill Gross – is that the Federal Reserve Bank's "quantitative easing" (QE) policy is adding dollars into the markets and making markets "bubbly".

Yet one asset that hasn't been positive this year is gold. In the past year, the Fed has been buying US Treasury and mortgage bonds at a rate of $85 billion every month but gold has lost a quarter of its value. However, quantitative easing began five years ago and in that time, gold is up 75% versus stocks gain of 95%.

Now that the Fed may be tapering the rate of its bond-buying, which asset will be the better buy in the coming year – gold or stocks?

"I would be long equities," says Chad Morganlander, portfolio manager at Washington Crossing Advisors. "I would be perhaps short gold or, at least, flat gold."

Morganlander's portfolio sold gold six to nine months ago. He sees the economy growing at a rate of 2.0% to 2.5% next year and forecasts the S&P 500 index's earnings at $113. "Our expectations are for a 15 to 16 times multiple, which could get you to a 5% or 6% return on equities."